Healthcare Realty Trust Inc

Listed Company

HRCIK 0001360604NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$1.18B

Net Income

$-246.07M

Total Assets

$9.21B

Equity

$4.62B

Shares Out

348.85M

Op. Cash Flow

$457.10M

Business

Healthcare Realty Trust Inc is a self-managed, self-administered real estate investment trust that owns, leases, manages, acquires, finances, develops and redevelops income-producing properties associated primarily with outpatient healthcare services. It offers medical office and outpatient facilities, inpatient and office properties, property leasing and management, financing receivables, and development and redevelopment services for healthcare operators. The company operates through consolidated real estate investments, unconsolidated joint ventures, financing lease and receivable activities, and corporate property holdings. Its properties and services are distributed nationwide across the United States, serving a broad tenant mix of healthcare providers.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	1,100	1,200	1,300	908	520
Interest income	14	16	17	11	4
Other operating	28	19	17	14	10
Total Revenue	1,181	1,268	1,344	933	535
Property operating	449	473	500	344	212
General and administrative	73	83	58	53	34
Transaction costs	2	3	2	3	4
Merger-related costs	0	0	−2	103	0
Depreciation and amortization	564	675	731	453	203
Total expenses	1,088	1,235	1,290	956	453
Gain on sales of real estate properties and other assets	235	110	78	270	56
Interest expense	−209	−242	−259	147	—
(Loss) gain on extinguishment of debt	−451,000	−237,000	62,000	−2	0
Impairment of real estate properties and credit loss reserves	−365	−314	−155	−54	−17
Impairment of goodwill	0	−251	0	0	—
Equity loss from unconsolidated joint ventures	−188,000	−135,000	−2	−687,000	−795,000
Interest and other (expense) income, net	−4	−260,000	1	−2	−9,000
Total other income (expense)	−342	−697	−336	65	−15
Net loss	−249	−664	−282	41	67
Net loss attributable to non-controlling interests	3	9	4	204,000	0
Net loss attributable to common stockholders	−246	−654	−278	41	67
Basic earnings per common share (in dollars per share)	−0.71	−1.81	−0.74	0.15	0.45
Diluted earnings per common share (in dollars per share)	−0.71	−1.81	−0.74	0.15	0.45
Weighted average common shares outstanding - basic (in shares)	350	366	379	252	143
Weighted average common shares outstanding - diluted (in shares)	350	366	379	254	143

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,060	1,143	1,343	1,440	388
Buildings and improvements	8,514	9,707	10,881	11,332	4,338
Lease intangibles	455	665	836	960	120
Personal property	7	10	13	12	12
Investment in financing receivables, net	123	124	123	120	—
Financing lease right-of-use assets	75	77	82	84	32
Construction in progress	0	32	61	36	4
Land held for development	58	52	60	74	25
Total real estate investments	10,293	11,811	13,399	14,058	5,105
Less accumulated depreciation	−2,398	−2,484	−2,227	−1,645	−1,339
Real estate assets held for sale, net 1	7,895	9,327	11,172	12,412	3,766
Cash and cash equivalents	26	69	26	61	13
Assets held for sale, net	144	13	9	19	57,000
Operating lease right-of-use assets	205	261	276	337	128
Investments in unconsolidated joint ventures	454	473	312	327	162
Other assets, net	488	507	592	470	186
Total assets	9,211	10,651	12,637	13,850	4,259
Notes and bonds payable	3,911	4,663	4,995	5,352	1,801
Accounts payable and accrued liabilities	211	223	212	244	86
Liabilities of properties held for sale	15	1	295,000	437,000	294,000
Operating lease liabilities	163	224	230	280	96
Financing lease liabilities	73	72	75	73	23
Other liabilities	161	162	203	219	67
Total liabilities	4,534	5,345	5,714	6,168	2,074
Commitments and contingencies (See Footnote 14)	—	—	—	—	—
Redeemable non-controlling interests	3	5	4	2	0
Preferred stock, $0.01 par value; 200,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value; 1,000,000 shares authorized; 351,603 and 350,532 shares issued and outstanding at December 31, 2025 and 2024, respectively.	4	4	4	4	2
Additional paid-in capital	9,137	9,118	9,603	9,588	3,973
Accumulated other comprehensive loss	−5	−1	−11	2	−10
Cumulative net income attributable to common stockholders	128	374	1,029	1,307	1,266
Cumulative dividends	−4,647	−4,260	−3,802	−3,330	−3,045
Total stockholders equity	4,617	5,235	6,823	7,571	2,185
Non-controlling interest	56	66	96	109	0
Total equity	4,673	5,301	6,919	7,680	2,185
Total liabilities, redeemable non-controlling interests, and stockholders' equity	9,211	10,651	12,637	13,850	4,259

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	564	675	731	453	203
Other amortization	47	47	45	25	4
Share-based compensation	22	32	14	20	11
Amortization of straight-line rent receivable (lessor)	−27	−30	−39	−23	−6
Amortization of straight-line rent on operating leases (lessee)	3	4	6	3	1
Loss on derivatives	4	0	0	—	—
Impairment of real estate properties and credit loss reserves	365	314	155	54	17
Distributions from unconsolidated joint ventures	22	10	18	2	0
Non-cash interest from financing and real estate notes receivable	−1	−2	−2	−2	−391,000
Other assets, including right-of-use-assets	−31	−35	−56	−26	−11
Accounts payable and accrued liabilities	−26	5	−19	24	−839,000
Other liabilities	−828,000	3	4	−31	4
Net cash provided by operating activities	457	502	500	273	233
Acquisitions of real estate	−100,000	0	−49	−403	−366
Development of real estate	−13	−70	−41	−38	−4
Additional long-lived assets	−330	−249	−231	−164	−101
Funding of mortgages and notes receivable	−9	−6	−27	−23	0
Investments in unconsolidated joint ventures	−2	0	−4	−100	−90
Investment in financing receivable	−502,000	−511,000	−2	−1	−186
Proceeds from sales of real estate properties and additional long-lived assets	1,005	1,221	701	1,201	184
Contributions from redeemable non-controlling interests	0	13,000	1	0	0
Proceeds from insurance recovery	2	0	0	—	—
Proceeds from notes receivable repayments	58	5	0	2	0
Net cash provided by investing activities	711	901	349	1,634	−562
Borrowings on unsecured credit facility	1,449	1,289	694	40	210
Repayments on unsecured credit facility	−1,329	−1,289	−1,079	—	—
Repayment on term loans	−650	−350	0	−1,142	0
Repayments of notes and bonds payable	−266	−25	−19	−20	−25
Dividends paid	−387	−458	−472	−284	−175
Net proceeds from issuance of common stock	0	104,000	130,000	23	331
Common stock redemptions	−4	−9	−2	−3	−4
Common stock repurchases	0	−510	0	0	—
Distributions to non-controlling interest holders	−5	−5	−5	−2	0
Redemption of non-controlling interest	−834,000	−744,000	0	0	—
Settlement of interest rate swaps	−4	0	0	0	0
Debt issuance and assumption costs	−13	−563,000	−529,000	−13	−405,000
Payments made on finance leases	−53,000	−17,000	−17,000	0	−9
Net cash used in financing activities	−1,211	−1,359	−884	−1,859	328
(Decrease) increase in cash and cash equivalents	−43	43	−35	48	−2
Interest paid	177	203	216	113	49
Mortgage notes payable assumed in connection with acquisition of real estate, net	0	0	5	0	12
Invoices accrued for construction, tenant improvements and other capitalized costs	56	40	31	48	18
Capitalized interest	12	4	3	1	221,000
Mortgage notes receivable taken in connection with sale of real estate	12	10	51	0	0
Non-controlling interest in sale of real estate	0	11	0	0	—
Contribution of real estate properties into unconsolidated joint venture	0	173	0	0	—

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